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[PayPal Applies for Utah Industrial Bank Charter to Establish Lending Institution PayPal Bank] Payment company PayPal (PYPL) announced that it has applied for a Utah industrial bank charter with the aim of creating a lending institution named PayPal Bank. The plan includes providing commercial loan solutions for small businesses, offering interest-bearing savings accounts, collaborating with credit card networks, and applying for deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC). Although this announcement did not mention cryptocurrency-related business, the company operates the PYUSD stablecoin in partnership with Paxos and has recently added wallet-to-wallet cryptocurrency transfers and a 'Pay with Crypto' feature for merchants.